CON: PROPERTY MANAGEMENT IS TIME-CONSUMING
In essence, the amount of time spent on tenant supports and administrative tasks is why property managers are paid to coordinate these specialised services.
We all have our strengths. If you’re Ms or Mr. Fixit, you might look forward to the challenge of replacing your rental asset’s leaking showerheads, shattered ceramic cooktops, and broken dishwashers.
If you’re an accountant, you may leap with joy at the prospect of month-end rent reconciliations, and debt collection for non-payment of rent.
Of course, you can outsource those tasks, but why selectively pay for some aspects of property management and not the whole package?
Some newer landlords don’t factor in just how much time is needed on all the diverse aspects of the job.
Unfortunately, the current COVID‑19 pandemic is a reminder of how valuable our time is and how quickly a crisis can spring up.
In the event of an emergency or natural disaster, a property manager will save you precious time. They can be on hand at the residence quickly, while you might be tied to your job or other commitments. Time is the most valuable resource we have, so don’t sell yourself short.